Source: Sharecast
Shares in Greggs surged on Tuesday as the UK bakery chain reported a rebound in sales, driven by an extended range of products, including a macaroni cheese that went viral on social media while pizza boxes and flavoured iced teas also sold well.
The company reported a 2.9% rise in like-for-like sales in the first 20 weeks of the year, with an improved performance in the last 11 weeks supported by better trading conditions. Shares in the chain were up 7% in London trade.
Greggs, famous for its vegan sausage rolls, said pizza boxes continued to see strong demand and hot food options, such as southern fried chicken goujons had been further complemented by the newly launched mac and cheese “which went viral on TikTok”.
It added that the over-ice drinks range was performing well, including two new flavours: Peach iced tea and mint lemonade.
“After an initial trial last year, our made-to-order range, including chicken burgers, wraps and fish finger sandwiches is now available in over 300 shops nationwide and is proving popular with customers looking for a more substantial and personalised meal.
"The improved LFL sales performance has been delivered in what remains a challenging market context, and during a period that compares with our strongest performance in 2024."
"Our investment programme is on track and there has been no change to the outlook for cost inflation, which we expect to be around 6% on a LFL basis. Our plans for managing the inflationary headwinds are progressing well and, whilst early in the financial year, the Board's expectations for the full year outcome remain unchanged."
Cranswick reported strong full-year results on Tuesday, and said it was launching an independent investigation into its animal welfare policies and livestock operations after claims staff were abusing piglets at one of its farms in Lincolnshire.
Covert footage, filmed by Animal Justice Project (AJP), appeared to show workers holding piglets by their hind legs and slamming them to the ground, using a banned method of killing the animals known as "piglet thumping".
Upper Crust owner SSP Group reiterated its full-year guidance on Tuesday, despite mounting macroeconomic uncertainty across its key markets.
The travel catering specialist, which is also a Marks & Spencer franchisee, saw underlying revenues rise 9% to £1.67bn in the six months to 31 March, or by 12% on a constant currency basis. Operating profits jumped 20% to £45m, while losses per share narrowed to 0.4p from 1.0p.
Sales in North America were up 13%, boosted by acquisitions, while in Continental Europe they rose 3% and by 9% in the UK.
On a reported basis, group operating profits fell sharply, however, down 74% to £15m, hit by non-cash IT transformation costs and impairments in France and Italy.
Looking to the rest of the year, SSP said group like-for-like sales had risen 5% in the six weeks to 11 May. In the UK, sales were up 10%, despite a "modest" impact at SSP’s M&S units following a cyber attack at the retailer.
Market Movers
FTSE 250 - Risers
Greggs (GRG) 2,142.00p 7.15%
SSP Group (SSPG) 178.00p 6.46%
Morgan Advanced Materials (MGAM) 221.50p 4.73%
Cranswick (CWK) 5,480.00p 4.18%
Ocean Wilsons Holdings Ltd. (OCN) 1,375.00p 4.17%
Future (FUTR) 666.00p 4.06%
Ferrexpo (FXPO) 67.50p 4.01%
CMC Markets (CMCX) 273.50p 3.99%
Burberry Group (BRBY) 1,046.00p 3.46%
Ocado Group (OCDO) 280.30p 3.28%
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